Core Insights - Greenlight Capital's funds returned -3.6% in Q3 2025, underperforming the S&P 500 index which returned 8.1% during the same period [1] - Year-to-date, the fund returned 0.4%, significantly lower than the S&P 500's 14.8% [1] Company Analysis: PG&E Corporation (NYSE:PCG) - PG&E Corporation is a regulated utility in California, involved in the transmission and distribution of electricity and natural gas [3] - The stock of PG&E Corporation had a one-month return of 9.05%, but it has lost 19.82% of its value over the past 52 weeks [2] - As of October 23, 2025, PG&E's stock closed at $16.30 per share, with a market capitalization of $35.903 billion [2] - Greenlight Capital established a medium-sized position in PG&E at an average price of $15.15 per share [3] - The company operates as a local monopoly, theoretically earning a guaranteed return on capital invested, but faces complications due to political factors affecting cost recoveries from disasters like wildfires [3] - California's regulated utilities, including PG&E, have a higher cost of capital compared to those in other states, leading to increased prices for residents [3] - Affordability of utility services has become a significant political issue in California, prompting state officials to seek reforms [3]